Loan Product Match Questions

Crystal Clear Lending Requirements

A key goal of the AmMAC organization is to be very clear in our lending requirements. We don't try to do it all, so when we accept your loan, we want to ensure fast and predictable originations. 

If we don't have a product that meets your scenario, we want to let you know ASAP - and we hope you will keep us in mind when have a scenario that dues work. Check out these questions about the Loan Product Match page:

 1. Application Date (interviewer date on 1003) 

Your application must be dated within 2 business days of submission because of requirements that AmMAC, not the loan officer, discloses to borrowers. Applications outside of this time frame will not be accepted.  

2. Has any borrower filed an extension on their tax returns

All self-employed Borrowers are required to provide copies of signed individual (and business if appropriate) tax returns, including all applicable schedules, for the previous three years. AmMAC will not lend to self-employed borrower’s whose prior year tax return has been extended (unless they or a co- borrower have sufficient salary income to qualify exclusive of any self-employment income).

2A. Are all borrowers on extended returns?

AmMac can only use the income from the borrower(s) that have not filed an extension.

3. Are all borrowers US citizens?

AmMAC requirements do not cover lending to non-US Citizen borrowers, including: Permanent resident Aliens, Non-Permanent Resident Aliens Foreign Nationals. 

4. Will all borrowers occupy the property?

The following Occupancy Types are eligible for financing: Primary Residence Second/Vacation Home – To qualify as a second/vacation home, the property/transaction must meet all criteria:

• Must be suitable for year-round occupancy.
• Cannot be part of a rental pool.
• No rental income can be derived from the property.
• Investment properties of any kind are not eligible for financing.

?5. Do any borrowers own 10 or more personally held properties (properties not held in a corporation or partnership)?

If your borrower owns more than 10 properties vested in the borrowers name they are ineligible. If the properties are held in a corporation's name, each corporation counts as one for a maximum of 10.

6. Do any borrowers have 4 or more financed, personally held properties (not including in a corporation or partnership)?

AmMAC limits the total number of personally held rental units to four (4) units, whether in a single property or a combination of properties. Borrowers with more than 4 units of personally held rental property are not eligible for financing with AmMAC.

7. Is the subject property any of these types? AmMAC does not lend on these property types:

• Condo 
• Attached PUD 
• 2-4 Units
• Leasehold 
• Co-op 
• Condotel
• Timeshare 
• Mixed use 
• Manufactured or factory built
• Properties w/o heating or permanent utilities 
• Rental (incl. 2nd home rented part time) 

8. Is the property subject to any oil or gas lease?

If there are oil/gas lease agreements, including those for Hydraulic Fracturing (Fracking), the property is ineligible for mortgage financing by AmMAC.

9. Is the subject property less than 10 acres?

Properties cannot have a lot size greater than 10 acres (see Texas Properties-Property Zoning Requirements for additional restrictions in Texas). 

10. Is this a refinance?

AmMAC will not provide financing on any refinance transaction secured by a property currently listed for sale or listed for sale in the past 6 months.

11. Are the buyer and seller related by either family or employer/employee relationships?

A non-arm's length transaction is one where the parties to the Loan and/or sale transaction are related, such as family members, employer/employee, or principal agent. Non-arm’s length transactions are outside AmMAC guidelines.